New ICM Institute Research Finds Companies Value Impact Data but Want More Investor Collaboration to Unlock Its Full Potential

Survey of nearly 100 portfolio companies reveals strong business value in using impact data—and clear appetite for greater alignment, improved data systems, and deeper collaboration across the impact investing ecosystem

NEW YORK, Dec. 11, 2025 /PRNewswire/ -- The Impact Capital Managers (ICM) Institute, the nonprofit research arm of Impact Capital Managers, a trade association of leading market-rate private capital impact funds, today published a new report titled "Impact Data as a Value Driver: Company Perspectives and Practice."

The study captures how portfolio companies perceive their impact measurement and management activities, as well as ways for investors to better support them. Drawing on survey responses from nearly 100 private companies invested in by ICM member funds, the research highlights strong demand for clearer communication between company leadership and investors, along with greater alignment on metrics. The findings also underscore the need for improved data systems that turn reporting obligations into decision-useful insights that demonstrate material performance and strategic value.

This report is the latest edition of the ICM Institute's growing research series on how impact measurement and management practices can drive both financial and mission outcomes across the investment chain. Earlier studies conducted by the ICM Institute explored how allocators use impact reports and how impact considerations may influence fund performance upon exit. The findings of this new report offer insight into how impact management and measurement is operationalized at the company level and how investors can shape more effective and collaborative management and reporting practices.

ICM Institute's research surfaced several notable trends among portfolio companies:

• Seventy-six percent of companies that collect impact data say the data is valuable or very valuable to their business. Top uses of impact data include goal setting (75%) and understanding customers (70%).
• Companies recognize the business value of impact data, but barriers remain in managing it: 46% lack the time, and 35% lack the funding or resources to fully utilize it.
• Eighty-seven percent of companies say additional support from their investors is valuable, especially technical assistance or funding for external consultants (44%) and funding to develop or improve internal IMM systems (42%).

The report includes case studies featuring companies across multiple sectors and stages, including Kadeya, TemperPack, Aperia Technologies, AgriDigital, and OpenClassrooms. These examples underscore how clearer expectations, standardized metrics, and more collaborative feedback loops can help companies use impact data to support operations, strengthen customer engagement, and meet regulatory requirements.

Building on these findings, Marieke Spence, Executive Director of ICM, said, "This research shows that impact data is increasingly viewed by companies as a source of real business value. That's the good news. But our findings also reveal a market gap. More than 80% of companies want greater support from and collaboration with their investors on impact data, and a large number point to the need for streamlined requests informed by a bottom-up approach that empowers companies to be owners of impact metrics as they scale. These and other key findings from ICM's report comprise a compelling call to action for LPs, GPs, companies, service providers, and regulators: to align on what data is collected, why it matters, and how it is used."

As impact investing continues to grow, understanding the experiences of portfolio companies has become increasingly important. Recent estimates put the global impact investing market at more than $1.5 trillion in assets under management, representing a 21% compound annual growth rate over the past six years and an 11% increase in the past year. In a market of this scale, aligning reporting with how companies actually operate is essential, allowing impact data to function as a shared tool for both companies and investors rather than a one-sided obligation.

Reflecting on the findings, Susan Mac Cormac of Morrison Foerster noted, "In recent years, impact has come to mean all things to all people. Thanks to ICM and their fabulous group of researchers for demonstrating the direct correlation between impact and value, particularly for companies that, because they are young and nimble, can fill the many gaps (some of which are, in fact, gating holes) that must be filled to achieve the energy and economic transition demanded by the seismic changes wrought by climate change and AI."

Research Methodology and Background

This year's research initiative commenced in April 2025 with a survey shared with portfolio companies of ICM member funds. Participating companies received capital from at least one impact investor and shared information about their data collection practices, investor reporting requirements, the usefulness of their impact data, impact measurement and management systems, and desired support.

Responses were collected from 94 companies headquartered in North America, Europe, Africa, and Asia, spanning technology, healthcare, education, climate solutions, financial services, and other sectors. Follow-on interviews with the participating companies provided qualitative insights to inform the case studies and recommendations in the report.

This project benefited from the thoughtful guidance and support of many partners, including Morrison Foerster, the UpMetrics research team, the Steering Committee, Builders Vision, North & Sur, SJF Institute, and the company leaders and ICM members who contributed their time and insights. Their collaboration strengthened both the rigor and relevance of this research.

About the Impact Capital Managers Institute:

The ICM Institute is the field-building, research, and education arm of Impact Capital Managers (ICM), a selective network of 140+ private capital fund managers investing for superior returns and meaningful impact. The Institute is the proud organizer of the Mosaic Fellowship, a competitive program placing top-performing graduate students at ICM member funds each summer,  and co-producer of the Turner MIINT program with Wharton Impact. In partnership with leading impact investors in the industry, the Institute also publishes research and actionable insights, including the two-volume Impact Allocator Perspectives 2025 series, New Frontiers in Value Creation, Alpha in Impact: Strengthening Outcomes, and Legal Innovation in Impact Investing. Alongside Achieve Partners, ICM Institute co-produces the Better Money, Better World podcast. Learn more here.

Press Contact:
Garrett Jaso, Director, Communications and Policy, [email protected]

SOURCE Impact Capital Managers